Widgie Nickel (ASX:WIN) has increased the Mineral Resource Estimate (MRE) for its Gillett nickel deposit in Western Australia by 75% in total contained nickel versus the 2023 MRE.
The $26.51 million market capitalisation company reports the total resource for Gillett now stands at 3.14 million tonnes @ 1.30% nickel for 40,770 nickel tonnes, with 72% of the MRE now within the indicated resource category.
Privately held company Cube Consulting completed the MRE which has been reported above a cut-off grade of 0.7% nickel.
Widgie Nickel Managing Director and Chief Executive Officer (CEO) Steve Norregaard says the Gillett deposit is now the ‘largest, highest confidence resource’ in the company’s asset portfolio.
“This substantial upgrade will feed into our Scoping Study, leading to increased mine life and will importantly defer capital requirements as we can now clearly see a longer life start up in the Widgie South area.”
According to Widgie, the latest MRE update is expected to inform the pending Scoping Study for a multi-mine operation to support a standalone nickel concentrator.
The company says a ‘favourable’ outcome of the study will require further drilling to convert any areas of outstanding lower confidence inferred material to indicated. This allows for subsequent conversion of this material into a mining reserve upon confirming economic viability.
The Mt Edwards Project’s total nickel resource has now grown to 189,300 tonnes of contained nickel.
Widgie Nickel is a mineral explorer with a vast 240km-square package of granted mining leases that sit within the Eastern Goldfields of Western Australia. The company’s assets are considered prospective for critical minerals, lithium, and nickel.
As of 30 September 2023, the company had $6.082 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Widgie Nickel
